10 May 2017
London
Reporter: Mark Dugdale

INPP raises £330 million


International Public Partnerships (INPP) has raised £330 million on the London Stock Exchange.

The infrastructure fund was oversubscribed. It initially set out to raise £250 million in capital and had to issue new shares to meet demand from existing and new investors.

Rupert Dorey, chairman of INPP, said: "The significant oversubscription of INPP's latest capital raising demonstrates the continued demand for the company's investment case, in providing shareholders with predictable, long-term and substantially inflation-linked returns from investment in long-term assets. The company continues to offer its shareholders a highly visible and balanced pipeline of new opportunities, the outlook for which remains strong.”

INPP is part of the consortium that invested approximately £3.6 billion for a 61 percent stake in National Grid's gas distribution network late last year.

The proceeds for the capital raise will be used to repay a portion of INPP’s existing debt facility, of which approximately £342 million is currently utilised, with £255.5 million cash drawn and £86.5 million committed toward letters of credit, as well as future investments.

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